A good budget could take the market higher by about 80 to 100 points: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com, talks about trade before the Union Budget

Union Budget will be presented tomorrow. Does this give an opportunity for participants who are not into trade to initiate shorts either via futures or via options?

It is not a smart idea to stand in front of an event and trade futures. A good budget could take the market higher by about 80 to 100 points. While we all like to believe that our market is controlled by the budget, the FM and local factors, the issues are more global. Fund flow comes in from global sources so what matters now is that whether the global correction which had started couple of days back that continues or that was a small dip which gets bought into.

If that correction continues in the days to come than whatever be the budget -- good, bad, ugly we will finally go down. In case of a good budget we will probably pop up and then go down. In case of a bad budget we will go down straightaway but clearly the patterns are still not comforting as long as we are below 5840-5850. The chances of downside are higher. We need to see what happens on the global shores and if more correction is on the way from there we will have to go down.